SINGAPORE – Abalone producer Oceanus Group has been granted an extension until July 31 from the Singapore Exchange for its removal from the watch list.
It is also required to hold its fiscal 2018 annual general meeting (AGM) by the same date, and issue its sustainability report, the company said in a regulatory filing on Wednesday (June 12) just before midnight.
In order to get the extensions, the company needs to announce the waivers granted; reasons for seeking the waivers as well as the conditions required under Rule 707(1), 711A and 1314(1); and whether or not waiver conditions have been satisfied. If conditions are not met on the announcement date, an update will be required.
Oceanus also needs to submit a written undertaking that it will provide a reasonable cash exit offer to the company’s shareholders, in the event it is unable to meet requirements to exit the watch list.
A reasonable exit offer includes a voluntary liquidation of the company’s assets and distribution of cash back to shareholders, the filing said, adding that Oceanus is also to disclose a written undertaking via SGXNet.
Oceanus said it would submit the written undertaking and make the required disclosure in due course.
Meanwhile, it has applied to the Accounting and Corporate Regulatory Authority for a time extension to hold its fiscal 2018 AGM in due course.